Barclays to sponsor London Cycle Hire

Barclays bank has been unveiled as the sponsor for the London Cycle Hire scheme, which is due to commence on Friday July 30.

Mayor of London Boris Johnson and Barclays’ Deanne Oppenheimer revealed the bank’s sponsorship of the capital’s controversial bike hire scheme on Friday, in a deal worth £25 million over five years.

“I’m delighted that Barclays are on board and they are going to help us deliver the cleanest, greenest and healthiest form of public transport that London has ever seen,” said Mayor of London Boris Johnson.

“Barclays Cycle Hire, alongside Barclays Cycle Superhighways, will mark 2010 in the history books of our great city as the year that we put the measures in place to create a cycling revolution in London.”

Around 6,000 hire cycles will be made available across London’s travel zone one via 400 ‘docking station’ hire points in nine London boroughs. Transport for London (TfL) is hoping the scheme will create 40,000 extra cycle journeys per year.

For its money, the Barclays name will appear on the scheme’s hire bikes, hire points, staff uniforms, maintenance vehicles and associated publicity.

Those wishing to use the Cycle Hire scheme have to pay two fees: an access fee and a hire charge. The ‘access fee’ will cost £1 for a day’s use, or £5 for a week. Annual membership of the scheme is also available for £45. The first 30 minutes’ use is then free, with hire charges ranging from £1 for an hour to £50 for a day (the maximum hire period). If you return the cycle late, you will be charged £150.

Londoners can get a taste of the hire scheme during 45 roadshow events, showcasing the hire scheme and its bicycles.

The forthcoming London Cycle Superhighways, the first two of which are due to be launched on July 19, will also carry Barclays’ name as part of the deal.

Deanna Oppenheimer, CEO UK Retail Bank and Vice Chair Global Retail Bank, at Barclays said: “We are really excited to be part of these two flagship schemes that will help Londoners to lead more active lives and promote the benefits of cycling as a sustainable, environmentally friendly mode of transport.

“It will also take our brand around London, one of the most famous cities in the world and the home of our global headquarters, in an eye-catching and innovative way. So we look forward to supporting this programme. We are sure these schemes will become as iconic as the Tube or London buses.”